MahaRERA Sets Strict Rules for Property Agents

MahaRERA Sets Strict Rules for Property Agents

MahaRERA Sets Strict Rules for Property Agents

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MahaRERA emphasizes the importance of certification for real estate agents to maintain industry standards.

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued a strict warning to developers: hire only trained and certified real estate agents or face serious consequences. These consequences could include rejecting their project registration applications, revoking existing registrations, or imposing fines.

In January 2023, MahaRERA established clear deadlines for agents to submit their “Certificate of Competence”. They also required that the names and addresses of real estate agents listed by developers be those who have completed their training and obtained the necessary certification. A year later, the authority decided that they would not register new agents or renew existing ones unless they were certified. From January 1, 2024, developers must work exclusively with certified agents.

Despite these regulations, some developers have ignored the rules, prompting MahaRERA to issue a reminder on April 29. The reminder reiterated that enforcement actions could include rejection of applications or fines for those who fail to comply.

https://maharera.maharashtra.gov.in/sites/default/files/Orders_and_circulars/OrderNo53.pdf

Real estate agents are often the first point of contact for potential homebuyers and provide essential information about projects. Therefore, they must be well-informed about various aspects of real estate such as project credibility, land rights, local government approvals, potential legal issues, and financial statements.

Since MahaRERA was established, around 44,000 agents have been registered in Maharashtra. However, approximately 13,000 of these agents have not renewed their registrations. To remain compliant, agents must undergo training and pass an exam to become certified. So far, only 10,000 agents have achieved certification, leaving 20,000 agents who still need to complete their training, according to an official statement. This move by MahaRERA aims to enhance the professionalism and credibility of real estate transactions across the state.